Valuation of altcoins is over, says billionaire investor


In the past few days, altcoins have strongly overtaken Bitcoin in terms of appreciation. Ethereum (ETH) and XRP were the main examples, with strong recent highs.

This is a big change compared to what happened just a few weeks ago. At the time, the scenario was reversed: Bitcoin was leading the market and altcoins were melting.

With that, the expectation with a new high of the altcoins became high. However, some people believe that this high may be coming to an end before it starts.

This is the case with Mike Novogratz, a Wall Street investor and chief executive of Galaxy Digital. On his Twitter, Novogratz recently commented on the increase.

Attention with altcoins and Bitcoin

Before launching Galaxy Digital, a bank focused on cryptocurrencies, Novogratz was a partner at Goldman Sachs and an executive at Fortress Financial.

On Tuesday (24), Novogratz said he was “awake since 2 am trading cryptocurrencies”.

“I’ve been up since 2 am trading cryptocurrencies. I didn’t touch BTC, I’m saving it. I can’t say if the altcoin grip is over, but it looks like it is. I like DeFi more than current ghosts. A lot more. The top 10 currencies by market value will look 50% different in 18 months, ”he said.

Bitcoin optimism remains high

While he believes that the appreciation of altcoins is nearing its end, Novogratz remains extremely optimistic about Bitcoin.

He let his optimism show in a curious way. On November 16, actress Maisie Williams – the Game of Thrones series Arya Stark – asked if she should invest in Bitcoin.

One of the responses to the actress came from Novogratz. He responded by believing that Bitcoin could reach $ 65,000 in the future.

“I bought more BTC last night at $ 15,800. It goes to $ 20,000 and then to $ 65,000. The network effect took over. I see tons of new buyers and there is little supply. It’s an easier trade here than at $ 11,000. So, yes, buy it, ”he explained.

Novogratz believes that Bitcoin will begin to absorb part of the gold market value, which currently stands at $ 7.3 trillion. In reais, the value reaches R $ 38 trillion at the current price.

If this happens, Bitcoin will take a firm path as a store of value for the future. Towards becoming, as its enthusiasts and investors say, the “digital gold.”

Also read: XRP goes up more? Bank of America becomes a member of RippleNet

Read also: Bitcoin can correct up to R $ 74,600, trader alerts

Read also: Futures contracts leave Ethereum and Bitcoin traders optimistic

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